Crude prices ease after hitting two-year high of $72 mark

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Islamabad

Global prices for crude eased on Monday a little after hitting a two-year high of $72 per barrel as expectations of a rise in Iranian oil supply heated the market, while OPEC+ supply curbs provided underlying support.

At 1135 GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed 0.5 percent to reach $71.53 a barrel after trading as high as $72.17 a barrel. Likewise, the US West Texas Intermediate (WTI) touched $70 for the first time since October 2018, but reversed course to trade at $69.39, down 0.33 percent.

The price for Opec Basket was recorded at $69.89 a barrel with 1.28 percent gain, Arab Light was available at $71 a barrel with 0.13 percent increase, while the price of Russian Sokol reached $71.18 after shedding 0.03 percent.

The easing of Covid-related restrictions across the United States and Europe sent demand higher.—Agencies